Page 14 - Nirav Modi Scam At Pnb

What advance tax PNB will pay on March 15? Concern for I-T dept

I-T officials have questioned PNB Manging Director and Chief Executive Sunil Mehta and other officials to determine how the LoUs were recorded in the bank's books

PNB fraud swells to well above $2 bn; RBI bans LoUs: Top 10 developments

In a major decision, RBI on Tuesday banned banks from issuing Letters of Undertaking (LoUs)

PNB discloses Rs 9.42 bn additional exposure in Nirav Modi, Choksi fraud

The new disclosure takes PNB's overall exposure in the still unravelling fraud case to well over the $2 billion mark

PNB fraud fallout: RBI stops use of LoUs for trade credit for imports

The RBI said the decision to discontinue the practice of LoUs and Letters of Comfort (LoCs) for trade finance comes into force with immediate effect

PNB scam: Nirav Modi got 1,213 fraudulent guarantees in 6 yrs, says Jaitley

FM Arun Jaitley said the last fraudulent LoU was issued on May 23, 2017

PNB will pay lenders Rs 60 bn that Nirav Modi owes, but with conditions

Nirav Modi and his uncle Mehul Choksi have allegedly defrauded the PNB and other banks of Rs 127 billion

PNB scam fallout: IMF official calls for governance reforms at PSBs

'Banks should continue working on improving their balance sheets on a priority basis'

Scam-hit PNB put in place 3-tier authentication system for SWIFT process

Lapses at multiple fronts, including supervisory and audit, are among the factors being blamed for the scam

CBI questions Ravi Gupta, ex-CFO of Nirav Modi's company Firestar Diamond

The agency is grilling him to know how the loans were granted and how the diversion of funds happened besides the involvement of senior executives of PNB

Tough times never last, tough people do: PNB chief Sunil Mehta

The chief reminded the employees about how the bank, set up in 1894, steered through tough times, including two world wars, the great depression in 1930 and India-Pakistan partition in 1947

PNB scam fallout: The profession of chartered accountancy under siege

It is time that the ICAI and senior professionals defend the profession and ensure that it does not become the scapegoat every time a financial scam occurs

Arun Jaitley silent on PNB fraud to protect daughter, says Rahul Gandhi

Gandhi in his tweet about "other law firms" was referring to the searches carried out by the CBI at the Mumbai offices of Cyril Amarchand Mangaldas

PNB scam: RBI initiates audit of PSBs with focus on trade finance, LoUs

Most of the banking frauds and wilful default cases, like Nirav Modi and Vijay Mallya's cases are said to pertain to trade finance

Can 'one village one family' model of Indian diamond industry survive?

Modernisation, rise of other communities can shake the model of one trading community

Why are all key players in PNB fraud from only Gujarat, asks Chidambaram

He also said that the role of SC and the Comptroller and Auditor General of India in these two sectors added fuel to the fire

PNB scam and banking sector crisis: Will NFRA reduce fraud risk?

Setting up of the National Financial Reporting Authorityshould not be viewed as an indictment of ICAI

PNB scam: Are public sector banks good contra bets in Indian markets?

Long-term track record of Nifty Bank index and banking sector funds shows, investors who continue to repose faith in the sector could be richly rewarded over the long term

RBI should ensure that PNB scam doesn't 'paralyse' financial system: Ficci

Ficci prez Rahesh Shah said, "We have to overcome the fear psychosis. The investigation should not result in fear psychosis."

PNB scam: Jewellers face working capital crunch as banks make loans harder

Lenders have increased the number of loan-approving staff; both fund-based assistance and opening LCs and executing export orders have been impacted

PNB scam: Govt makes passport details must for loans of Rs 500 mn and above

For all existing loans of over Rs 500 million, banks have been asked to collect passport details of borrowers within 45 days